Group 1 - The National Financial Supervisory Administration of Beijing has approved the issuance of financial licenses to several institutions [1][2] - China Minsheng Bank's Beijing Apple Garden Community Branch has been granted a license to conduct various personal banking services without providing cash services [1] - The Traffic Bank's Beijing Yuhui East Road Branch has been approved for a license to handle RMB deposits, loans, and settlement services, among other financial activities [2] Group 2 - The approval date for the Traffic Bank's license was November 5, 2014, with a new address and name change effective from March 12, 2025 [2] - The China Minsheng Bank's license includes services such as savings, loan consultation, and financial product sales [1] - The Traffic Bank's license allows for the issuance and redemption of government bonds and other authorized services [2]

内银股持续走强，中信银行(00998.HK)、青岛银行(03866.HK)涨超4%，工商银行(01398.HK)、民生银行 (01988.HK)、江西银行(01916.HK)跟涨。 ...

Core Points - The board of directors of China Minsheng Bank convened its third temporary meeting on May 30, 2025, to discuss various resolutions [1] - The meeting was attended by 8 directors in person and 6 via phone/video, with all resolutions deemed legal and effective [1] Group 1: Resolutions Passed - The proposal to amend the Articles of Association of China Minsheng Bank will be submitted to the shareholders' meeting for approval, with 13 votes in favor [2] - The proposal to amend the Rules of Procedure for Shareholders' Meetings will also be submitted for shareholder approval, receiving 13 votes in favor [2] - The proposal to amend the Rules of Procedure for Board Meetings will be submitted for shareholder approval, with 13 votes in favor [2] - The proposal to abolish the supervisory board will be submitted for shareholder approval, receiving 13 votes in favor [2] Group 2: Director Nomination - The board agreed to nominate Mr. Zheng Haiyang as a candidate for non-executive director, pending approval from the shareholders' meeting and regulatory authorities [3] - Mr. Zheng, born in 1971, is currently the Vice President of China Great Wall Asset Management Co., Ltd., and has held various senior positions in financial institutions [3][4] - Mr. Zheng does not hold any shares in the bank and has no related party relationships with directors or major shareholders [4] Group 3: Independent Directors' Opinions - The independent directors expressed their independent opinion supporting the nomination of Mr. Zheng, confirming compliance with relevant laws and regulations [6][7] - They verified that Mr. Zheng meets the qualifications to serve as a director and has not faced any regulatory penalties or disqualifications [7]

证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-021 中国民生银行股份有限公司 关联交易公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 中国民生银行股份有限公司（以下简称"本行"）第九届董事会第三次 临时会议于 2025 年 5 月 30 日审议通过了《关于本行与大家人寿保险股份有限公 司签署金融产品代理销售业务合作框架协议的议案》，同意本行与大家人寿保险 股份有限公司（以下简称"大家人寿"）签订《中国民生银行股份有限公司与大家 人寿保险股份有限公司金融产品代理销售业务合作框架协议》（以下简称《框架 协议》），拟定金融产品代理销售业务 2025 年 6 月 9 日至 2025 年 12 月 31 日服 务费用总额上限 1.5 亿元（以下金额对应币种均为人民币）；2026 年 1 月 1 日至 2026 年 12 月 31 日服务费用总额上限 2.5 亿元；2027 年 1 月 1 日至 2027 年 6 月 8 日服务费用总额上限 1.5 ...

本行董事会及董事会全体成员保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-020 中国民生银行股份有限公司 第九届董事会第三次临时会议决议公告 1 会审议，具体内容请见本行另行披露的股东会会议文件。 中国民生银行股份有限公司（以下简称"本行"）第九届董事会第三次临时会 议于 2025 年 5 月 30 日在北京以现场方式召开，会议通知、会议文件于 2025 年 5 月 26 日以电子邮件方式发出。会议由高迎欣董事长召集并主持。会议应到董事 14 名，现场出席董事 8 名，董事长高迎欣，副董事长王晓永，董事赵鹏、曲新久、温 秋菊、宋焕政、程凤朝、张俊潼现场出席会议；电话/视频连线出席董事 6 名，副董 事长刘永好，董事史玉柱、宋春风、梁鑫杰、杨志威、刘寒星通过电话/视频连线参 加会议。向有表决权的董事发出表决票 13 份，收回 13 份。监事会成员列席会议。 会议符合《中华人民共和国公司法》《中国民生银行股份有限公司章程》的规定， 表决所形 ...

Core Viewpoint - The financing matchmaking event in Xuchang marks a significant advancement in the collaboration between banks, government, and enterprises, aiming to support the high-quality development of the "two financing" model in the region [1][3]. Group 1: Strategic Cooperation - The Xuchang Municipal Government has established deep cooperation intentions with 14 banks, signing strategic cooperation agreements [1]. - The participating banks include major institutions such as Agricultural Development Bank, Industrial and Commercial Bank, Agricultural Bank, Bank of China, and several others [1]. Group 2: Financial Support - Over the next 3 to 5 years, the banks are set to provide approximately 550 billion yuan in financing support to Xuchang, enhancing the financial momentum for the city's "two financing" high-quality development [3]. - The collaboration aims to broaden the channels for bank-enterprise cooperation, with 196 enterprises reaching cooperation intentions with the banks, totaling 56.35 billion yuan [3]. Group 3: Signing Achievements - At the event, 30 enterprises completed on-site agreements with banks, amounting to 20.31 billion yuan [3]. - The successful signing activities reflect the confidence and support of financial institutions in the economic development of Xuchang, providing tangible financing opportunities for local enterprises [3].

Core Viewpoint - The announcement by Beijing Bank regarding the migration of its direct banking app to its mobile banking platform marks the exit of the first direct bank in China, reflecting a broader trend of at least 19 banks shutting down or integrating their direct banking services since 2023, indicating a decline in the once-promising direct banking model after a decade of rapid growth [1][2]. Group 1: Industry Trends - The number of direct banks in China grew from 22 in 2014 to a peak of 135 by 2017, with city commercial banks accounting for 53.3% of this total [1]. - Major banks like Shanghai Pudong Development Bank and Nanjing Bank began integrating direct banking functions into their mobile banking platforms starting in 2020, leading to a significant reduction in the number of operational direct banking apps [2]. Group 2: Challenges Faced by Direct Banks - Direct banks face fundamental challenges such as unclear positioning, resource wastage, and technological shortcomings, which have made the direct banking model unsustainable [2][3]. - The overlap in functionality between direct banks and mobile banking has led to direct banks being viewed as redundant channels, diminishing their competitive edge [2][3]. - Many direct banks operate under a "departmental system," lacking independent decision-making authority, which hampers their ability to innovate and compete effectively [3][4]. Group 3: Financial Viability - Direct banks have high operational costs but low revenue generation, leading to an imbalance in investment returns [5]. - The regulatory environment poses challenges for banks attempting to establish direct banks as independent entities, further complicating their operational viability [5][6]. Group 4: Future Outlook - The decline of direct banks signifies a shift in the banking industry from "channel expansion" to "ecosystem cultivation," emphasizing the need for banks to leverage technology to enhance service delivery and user value [6][7]. - For banks that continue to operate direct banking services, finding a clear market position and exploring differentiated development strategies will be crucial for survival in a competitive landscape [7].

Core Viewpoint - The successful launch of the Zhuque-2 rocket by Blue Arrow Aerospace represents a significant achievement for China's private space industry, showcasing the support from Minsheng Bank in fostering technological innovation and development in this sector [1][3][6]. Company Overview - Blue Arrow Aerospace, established in 2015, is one of the earliest private companies in China engaged in the development of launch vehicles, completing a commercialized closed loop in design, research, production, testing, and launching [3]. - The Zhuque series rockets, particularly the Zhuque-2 liquid rocket, exemplify the highest technological standards of China's private aerospace sector and hold a significant position in the global aerospace arena [3]. Financial Support and Collaboration - Since the partnership began in 2021, Minsheng Bank has provided comprehensive financial services to Blue Arrow Aerospace, including financing services, integrated financial systems, and asset management, addressing the company's funding needs at various development stages [3][6]. - Minsheng Bank's support has been crucial during challenging times, such as the failed test flight of the Zhuque-1 rocket in December 2022, where both parties remained committed to the long-term vision of technological advancement [4]. Recent Achievements - On July 12, 2023, the Zhuque-2 rocket successfully launched, marking it as the world's first liquid oxygen-methane rocket to reach orbit, a historic milestone for both Blue Arrow Aerospace and Minsheng Bank [6]. - Minsheng Bank has become the main settlement bank for Blue Arrow Aerospace and has facilitated a fixed asset loan for the construction of the Jiuquan launch site, further solidifying Blue Arrow's leading position in the private aerospace sector [6]. Technological Financial Services - Minsheng Bank has positioned itself as a key player in the technology finance sector, aligning with national innovation strategies and providing tailored financial products to support technology-driven enterprises [7][9]. - The bank has developed a multi-tiered service system and innovative financial product matrix, aiming to create a sustainable ecosystem that integrates technology, industry, and finance [7][8]. Future Outlook - Minsheng Bank aims to continue its commitment to supporting technology enterprises, enhancing their growth potential through open ecosystems and agile services, thereby contributing to the development of new productive forces in China [9].

Core Viewpoint - The decline in domestic deposit rates has diminished the attractiveness of traditional savings, leading to a "substitution effect" where bank stocks are favored over deposits, resulting in strong performance in the banking sector [1][3][10]. Summary by Sections Deposit Rate Decline - Since 2025, domestic deposit rates have been continuously decreasing, with the one-year fixed deposit rate falling below 1%, marking a historical low [3]. - The diminishing returns from traditional savings have reignited discussions around the benefits of investing in bank stocks instead of saving [3]. Dividend Yield Comparison - As of May 23, 2025, among 42 A-share listed banks, 31 banks have a dividend yield exceeding 4%, with some banks like Ping An Bank and Minsheng Bank surpassing 8% [3]. - The significant yield difference has prompted a "substitution effect," where investors see greater returns from bank stocks compared to deposits [3]. Strong Performance of Bank Stocks - The banking sector has shown robust performance, with a year-to-date increase of 7.66%, outperforming the Shanghai and Shenzhen 300 Index, which has declined by 1.34% [3][4]. - Investors, including insurance funds and public funds, have increased their holdings in bank stocks significantly [4][5]. Insurance and Public Fund Involvement - Insurance funds have been the primary players in increasing bank stock holdings, with a 27.2% holding ratio as of Q1 2025, up 4.3 percentage points from the end of 2023 [5]. - Public funds have also increased their allocation to bank stocks, with the proportion rising from 1.2% to 2.5% by the end of Q1 2025 [5]. Sector Performance Disparity - There is a noticeable divergence in performance within the banking sector, with regional banks like Qingdao Bank and Chongqing Rural Commercial Bank showing strong gains, while some larger banks have underperformed [7]. - As of Q1 2025, state-owned banks experienced a 1.5% decline in revenue, while city commercial banks saw a 3% increase [8]. Asset Quality and Non-Performing Loans - The non-performing loan generation rate for large banks has increased, while it has decreased for joint-stock and rural commercial banks [9]. - Regional banks, benefiting from local economic support, maintain lower non-performing loan ratios compared to national banks [9]. Future Outlook - Analysts believe that high dividend strategies will continue to drive bank stock prices in the short term, while net interest margins and asset quality will be critical for long-term performance [11][12]. - The banking sector is facing challenges from asymmetric interest rate cuts, which may pressure net interest margins but could also lower funding costs in the long run [12].

Core Viewpoint - The recent reduction in deposit rates by multiple banks, including state-owned and joint-stock banks, aligns with market expectations and aims to stabilize net interest margins while supporting the real economy [1][5][6]. Group 1: Deposit Rate Adjustments - Nine out of twelve joint-stock banks have announced reductions in deposit rates, with significant cuts in medium to long-term deposit rates, particularly a 25 basis points (BP) decrease for 3-year and 5-year fixed deposits [1][2][3]. - Specific banks like Ping An Bank and Minsheng Bank have adjusted their deposit rates, with Ping An Bank's rates for various terms now at 0.70%, 0.95%, 1.15%, 1.20%, and 1.30%, reflecting reductions of 15 BP for most terms and 25 BP for longer terms [2][3]. - The speed of these adjustments is seen as necessary for banks to manage their liabilities effectively and maintain competitiveness in the current economic environment [5][6]. Group 2: Market Reactions and Expectations - Investors have anticipated the decline in deposit rates, with no significant rush to lock in rates observed at bank branches, indicating a broader acceptance of a long-term downward trend in deposit rates [3][5]. - Experts believe that the synchronized reduction in deposit rates by banks is crucial for reducing financing costs for the real economy and stabilizing net interest margins [5][6]. Group 3: Implications for Banking Sector - The current trend of deposit rate reductions is expected to create more room for lowering financing costs in the future, which is essential for improving banks' profitability and sustainability in serving the real economy [6][7]. - The recent adjustments have seen deposit rate cuts that exceed the reductions in the Loan Prime Rate (LPR), indicating a strategic move by banks to manage their interest expenses more effectively [6][7].